A Bullish Breakout Underway For Gold

  • 22 Jun 2020


The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. There are currently no signs of dominance from either buyers or sellers. Momentum indicators reflect bearish sentiment with downward trajectories.







Eurodollar sellers have made a breakthrough resulting in the breach of the 1.124 support level which had previously been a sticking point for the pair. The next target is the 1.113 support level, despite some buying pressure in last trading session. Momentum indicators have sharp downward trajectories.







The GBP/USD pair broke the 1.261 resistance level as once again the US dollar finds support. Price action is now headed towards the 1.221 support level and has reentered a previous trading range. Momentum indicators have downward trajectories. 







The USD/CHF test of the 0.951 resistance line continues as there is a lack of conviction from both buyers and sellers. The US dollar seems likely to remain subdued at least until some fundamental news drives price action. Momentum indicators have upward trajectories. 







The USD/CAD has found support after an extended sell-off, yet the pair cannot find the momentum to move away from the 1.354 support level. A series of small-bodied candles represent exhaustion after a strong bullish move resulted in a break of several resistance levels. Momentum indicators have upward trajectories. 







Silver has returned to the 17.58 price line and attempted bullish breaks have not been sustained. Another attempt is being made by buyers in early trading to push price action back towards the 18.62 price level. Momentum indicators have flattened in bullish territory. 







Gold buyers have returned and a bullish breakout is underway, with a break of the 1745.74 resistance area. If the break can be sustained the bullish move may find significant support and reestablish the longer-term uptrend. Momentum indicators have upward trajectories.







WTI may make another attempt at the 41.40 resistance line although moves are lacking conviction with very few new developments. The $35-40 per barrel range may be a stabilizing price and may represent a longer-term floor and ceiling for the commodity. Momentum indicators are bullish with RSI approaching overbought conditions. 



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